Godrej Properties-Jet Airways land deal likely by end-Q4

Published: Saturday, January 15, 2011, 20:15 [IST]

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Mumbai, Jan 14 (PTI) The Adi Godrej-led Godrej Propertiestoday said that it plans to buy the rights fromJet Airways to develop the latter''s 2.5-acre land in BandraKurla Complex this quarter (Q4 FY 11).

Jet Airways, the owner of the land-parcel in BKC, wantsto sell the property in a bid to pay-off the Rs 400-crore itborrowed from HDFC Bank to buy the land from the MaharashtraGovernment.

"We will close the deal in this fiscal itself. However,we can''t provide any further details on this," a top GodrejProperties official said on condition of anonymity.

While the official did not divulge the financial detailsof the deal, it is understood that Godrej would be payingaround Rs 500-crore for the land-parcel.

Godrej plans to develop a commercial property on thatland, the official said, giving a time-frame of around2-3-years for the same.

Speculation has been rife for sometime now that theNaresh Goyal-led private air-carrier has been trying tosell-off or monetise the land in some way after it sufferedhuge losses in 2009.